SBI Life Insurance for Home Loan

Why to choose Life Insurance for a Home Loan:

A home is always better than a rented place for the salaried or self-employed. With real estate picking up pace across the nation, the cost for owning a house is always on the rise. Home loans are a much needed help that are readily offered by many banks and they can help you realise your wish of a dream home.

While home loans might come with attractive interest rates and repayment tenures, the settling of a loan depends on your income status and more importantly, your very existence. Until a home loan is actually paid off, one doesn’t have the complete ownership of the house. In case of the unfortunate demise of the loan holder without the settlement of the loan, the loan provider can foreclose on the property, causing the loan holder’s family substantial inconvenience.

Availing a life insurance helps out in such a scenario, wherein, the death benefit or the maturity benefit can be used to pay off the home loan amount and keep the family safe from any further financial or emotional discomfiture.

Life Insurance Plans for Home Loans from SBI Life:

Plans from SBI Life Insurance aimed at financial protection offer the flexibility of choosing the tenure and the cover amount and can be easily availed online or offline. Though most plans from SBI Life are capable of providing the required amount of maturity benefit or death benefit that can deal efficiently with home loans, the protection segment offers the best options.

A pure term insurance plan with low premium amounts and offering options to avail life insurance and accidental death benefit for the nominee. Additional tax benefits might be applicable. No maximum limit on Sum Assured allows for easy coverage of home loan amounts

An affordable term insurance plan that offers variable payment options and has an option of decreasing cover, ideal for home loans that are being regularly paid off. As the loan amount decreases, the cover can be decreased and subsequently regular premium amount is reduced. High sum assured values. Additional tax benefits might be applicable.

An affordable term insurance plan that offers variable payment options and has an option of decreasing cover, ideal for home loans that are being regularly paid off. As the loan amount decreases, the cover can be decreased and subsequently regular premium amount is reduced. No limit on sum assured values. Additional tax benefits might be applicable

How to purchase SBI Life Insurance policies for Home Loans

The entire range of insurance plans from SBI Life can be reviewed and compared online at BankBazaar. The comparison will include key details like the premium amount to be paid, the sum assured, the maturity benefits, optional riders and details about the funds that premiums might be invested in. All the information will be presented in a concise, tabular format with pictorial references when and where needed.

Upon deciding on a particular plan, one can fill in details pertaining to the life cover that is desired or the premium amount that one can pay and BankBazaar’s nifty online program will do the rest of the calculation and guide you further to the insurer, aiding you through every step of the process, till you get a policy in your name.

While opting for a life insurance policy that is being aimed to provide protection for a home loan, one should ideally select a policy with a sum assured amount greater than the outstanding loan amount.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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Life Insurance Reviews

I have taken the life insurance from SBI life and the premium amount is 75000 for 20 years. Actually i have taken this life insurance since i have taken a home loan from State bank of India. The customer service and response is good with them.

I got Life Insurance from SBI, when I took home loan from them. They have issued the policy copy on time, they collected one time premium around Rs. 35,000 for 20 years, it has life cover, accidental cover. If some thing happen they take loan insurance.

SBI life have less plans so we cannot choose the suitable plan like compared to lic of India. I have term plan with tenure for 25 years but premium should be paid for 10 years.. I have taken the plan during the home loan process. After maturity will the get the amount. Accidental and natural death is been covered.

I have one life insurance policy with the SBI life insurance company and I got it while I took the home loan with them. Customer service is very good with them and the premium will be covered with the EMI of home loan. Policy coverages is good with them.

From Sbi I have taken a life insurance. It was provided for me at the time of sanctioning my home loan. If anything happens to me they will waiver of the loan amount. Premium is around 25,000 is paid for 20 years. So it was good with Sbi.

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